Category: Costs , Supply And Perfect Competition

A. The price equals the total revenue
B. Firms are allocatively inefficient
C. Firms are productively efficient
D. The price equals total cost

A. The price equals the marginal revenue
B. the price equals the average variable cost
C. the fixed cost equals the variable costs
D. the price equals the total cost

A. Price equals marginal revenue
B. price is greater than marginal revenue
C. price equals total revenue
D. price equals total cost

A. Demand is perfectly elastic
B. Products are homogeneous
C. Marginal revenue = price
D. The marginal revenue is below the demand curve and diverges

A. Upward-sloping portion of the average total cost curve
B. upward-sloping portion of the average variable cost curve
C. portion of the marginal cost curve that lies above the average total cost curve.
D. entire marginal cost curve.
E. portion of the marginal-cost curve that lies above the average variable cost curve

A. Short run marginal cost rises, output rises
B. long run marginal cost rises, output rises
C. Short run average cost rises, output rises
D. long run average cost rises, output rises

A. electricity
B. cable television
C. cola
D. milk
E. All of these answers represent competitive markets

A. decreased production
B. maintained production at the current level
C. temporarily shut down.
D. increased production

A. Horizontal
B. vertical
C. downward sloping
D. elastic

A. There are few sellers
B. There are few buyers
C. There is one seller
D. There are many sellers